HUD Tease

The Mark-to-Market program might not end on September 30, according to officers from the Department of Housing and Urban Development (HUD) speaking at the annual meeting of the National Affordable Housing Management Association (NAHMA) held here March 5 through 7.
Housing advocates have been pushing for an extension to the program, which has helped to preserve thousands of units of aging affordable housing.

The program was initially created to lower the project-based contract rents at older subsidized projects where the rents were above market rates. “Mark-to-Market saved money,” said Ted Toon, Associate Deputy Assistant Secretary for Affordable Housing Preservation. “If there is another life to this program, it is largely going to be because to that result.”

In the meantime, the program is still officially scheduled to end Sept. 30. Developers hoping to use the program should get started.

HUD also plans issue the rules governing several Congressional initiatives in the next few weeks. For example, Congress recently passed a law that college students with wealthy parents can not take advantage of their temporary poverty to qualify for Sec. 8 vouchers. Congress also passed legislation that will give housing authorities the ability to reassign the project-based Sec. 8 contract from foreclosed projects to new projects.